Britain’s London High Court on Wednesday allowed the sale of a luxurious London flat owned by a trust and used by Punjab National Bank (PNB) loan scam accused and diamond trader Nirav Modi. However, it will not be sold for less than 52.5 lakh British pounds. Justice Master James Brightwell presided over the hearing, in which fugitive diamond merchant Nirav Modi, 52, lodged in Thameside Prison in south-east London, took part online.
Why is Nirav Modi’s flat being sold?
The court accepted the Enforcement Directorate’s (ED) request to keep the proceeds from the sale of 103 Marathon House in a secure account after repaying all the ‘liabilities’ of the trust. Trident Trust Company (Singapore) Pte Ltd had sought permission to sell the apartment property located in the Marylebone area of central London, despite the ED’s contention that the trust property was purchased with the proceeds of a large-scale fraud at Punjab National Bank. And Nirav is facing extradition proceedings in this case.
What did Justice Master James Brightwell say?
Master Brightwell ruled: “I am satisfied that it is an appropriate decision to allow the property to be sold for £5.25 million or more.” He also took cognizance of ED’s other objections related to the formation of the trust, which were not acted upon at this stage of the case. Barrister Harish Salve, appearing for the ED, told the court that they have agreed in principle to the sale on the basis of undertakings that protect the interests of the ultimate beneficiary, who could be the Indian taxpayer.
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